HOUSTON (APRIL 18, 2023) — Beyond Finance, one of the nation’s premiere debt help organizations, empowers thousands of hard-working Americans to move beyond debt. As the organization supports clients along their debt journey, Beyond Finance wanted to do more for them. That inspired what is hoped to become a movement for the last week of April’s Financial Literacy Month to become “Financial Practice Week.”
Beyond’s senior leadership is working with Dr. Galen Buckwalter, who has pioneered studies in psychoanalytic financial assessments, and the organization’s two client financial therapists, Nathan Astle CFT-I™, LMFT, and Dr. Erika Rasure.
“Without practice, we’re only aware of a need but nowhere close to change without action,” said Dr. Rasure. “These days, we must consider being intentional about how we use knowledge in our lives, especially regarding our finances. Money is difficult for people to discuss. Even if we don’t have the correct answers, we must practice purposefully using money to create change.”
Beyond Finance has been a change advocate of financial wellness for years. They were one of the first companies in the debt consolidation industry to offer an app for clients to provide them direct access to a status dashboard and learning materials to put into practice. Additionally, they have introduced psychological assessments to help clients understand their relationship with their finances and provide financial wellness counseling with emotional connection.
“When Dr. Buckwalter introduced Acute Financial Stress, we knew tackling the emotional aspect of personal finance was a must to help our clients reverse the cycle of debt in their lives,” said Beyond Finance Chief Operating Officer Lou Antonelli. “Some need more than help with their actual debt to live the debt-free life they deserve. That’s why we work hard to give our clients something they can take with them, like good practice, new habits and a fresh perspective on managing money.”
A national anonymized credit report study determined that the average amount of credit card debt with unpaid balances among Americans is $7,279. With 64% of those same individuals living paycheck to paycheck, the question from Beyond Finance is, “Will that debt ever be paid without a change of behavior?”
Astle believes the practical tips, proven insight and savings technology Beyond Finance provides reduces stress and restores peace of mind for the company’s clients. He hopes financial wellness comes with understanding past actions and changing.
“Changing mental health related to financial wellness is possible, but not without addressing those financial PTSD triggers that Dr. Buckwalter has suggested,” said Astle. “How we respond to financial stress can predict our long-term economic future and peace of mind, which is why encouraging practice can only enhance and strengthen financial and emotional wellness.”
To help encourage the last week of Financial Literacy Month to become “Financial Practice Week,” Beyond Finance has submitted an official designation to Chase’s Calendar of Events. It will keep US personal finance reporters and blogs apprised of progress and change. Additionally, the debt help leader will continue to advocate for practicing financial wellness among its clients, partners, and public-facing commentary.
“Our mission is to move people beyond debt and transform their lives,” said Antonelli. “As we have seen among our clients, they are not irresponsible people – they’re good people who were sidetracked by one of life’s surprises. We’re encouraging everyone to practice financial wellness more because sometimes, the best offense against debt can be a good defense.”